City of Tarpon Springs
Copyright © 2019 City of Tarpon Springs. Accessibility Site Map
View of Pinellas Avenue looking north at Lemon Street
Visit Greece Without Leaving Florida

Opportunity Zone

Opportunity Zones provide a new tool for investors, fund managers and communities by utilizing privately sourced funds into eligible economic and community re-investment projects. This new tool was created as part of the Tax Cuts and Jobs Act of 2017 and allows investors to defer taxes on realized capital gains and to reduce tax liabilities on investments made in Qualified Opportunity Funds. The goal of the Opportunity Zone program is to spur much needed investment in housing, business, and infrastructure in distressed areas. Florida has 427 approved zones. Pinellas County has 16 Opportunity Zones and the City of Tarpon Springs has one. A Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in an Opportunity Zone and that utilizes the investor's gains from a prior investment for funding the Opportunity Fund. Opportunity Zones are defined areas made up of low-income communities from designated census tracts. The Tax Cuts and Jobs Act was signed into law on December 22, 2017, and the Opportunity Zones were certified by the U.S. Treasury on June 14, 2018. The City of Tarpon Springs was approved for one Opportunity Zone within the City and its certification is valid for 10 years. Property in Opportunity Zones Investors who have capital gains to reinvest can purchase real estate that is located within an approved Opportunity Zone. Investments can be made on an individual basis or through a authorized Opportunity Fund. A key element when purchasing property is the Substantial Improvement Requirement which is where the investor has a 30-month time period to improve the property, such that the basis of the property increases by an amount that exceeds the amount of the adjusted basis at the beginning of the 30-month time period. For example: An opportunity fund that acquires a building/site for $10M must make an additional improvement of $10M + $1 by the end of the 30-months. Businesses in Opportunity Zones Businesses that are located within an Opportunity Zone can establish Opportunity Zone stock or Partnership Interest shares. These programs allow investors with capital gains to potentially defer taxes on their investments in a business. Businesses can use these funds to purchase or lease tangible property that will be used in the Opportunity Zone during the holding period. If intangible property is involved, a significant portion of the business's intangible property is required to be used in the activities of the business. The government has identified a list of businesses ("sin businesses") that cannot participate in this program. Opportunity Zone Map Opportunity Zone Data Overview Tarpon Springs Zone Fact Sheet Resources Pinellas County Economic Development Florida Department of Economic Opportunity, Opportunity Zones Program US Department of Treasury Opportunity Zone Resources CRE Models Interactive Opportunity Zone Map – Tampa Bay Economic Innovation Group Resource Page for Opportunity Zones Council of Development Finance Agencies Resource Center for Opportunity Zones If you are interested in investing in an Opportunity Zone within the City of Tarpon Springs and would like to learn more about development opportunities, please contact Klemmons@ctsfl.us or call 727-943-4932.
City of Tarpon Springs
Copyright © 2019 City of Tarpon Springs. Accessibility

Opportunity Zone

Opportunity Zones provide a new tool for investors, fund managers and communities by utilizing privately sourced funds into eligible economic and community re-investment projects. This new tool was created as part of the Tax Cuts and Jobs Act of 2017 and allows investors to defer taxes on realized capital gains and to reduce tax liabilities on investments made in Qualified Opportunity Funds. The goal of the Opportunity Zone program is to spur much needed investment in housing, business, and infrastructure in distressed areas. Florida has 427 approved zones. Pinellas County has 16 Opportunity Zones and the City of Tarpon Springs has one. A Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in an Opportunity Zone and that utilizes the investor's gains from a prior investment for funding the Opportunity Fund. Opportunity Zones are defined areas made up of low-income communities from designated census tracts. The Tax Cuts and Jobs Act was signed into law on December 22, 2017, and the Opportunity Zones were certified by the U.S. Treasury on June 14, 2018. The City of Tarpon Springs was approved for one Opportunity Zone within the City and its certification is valid for 10 years. Property in Opportunity Zones Investors who have capital gains to reinvest can purchase real estate that is located within an approved Opportunity Zone. Investments can be made on an individual basis or through a authorized Opportunity Fund. A key element when purchasing property is the Substantial Improvement Requirement which is where the investor has a 30- month time period to improve the property, such that the basis of the property increases by an amount that exceeds the amount of the adjusted basis at the beginning of the 30-month time period. For example: An opportunity fund that acquires a building/site for $10M must make an additional improvement of $10M + $1 by the end of the 30- months. Businesses in Opportunity Zones Businesses that are located within an Opportunity Zone can establish Opportunity Zone stock or Partnership Interest shares. These programs allow investors with capital gains to potentially defer taxes on their investments in a business. Businesses can use these funds to purchase or lease tangible property that will be used in the Opportunity Zone during the holding period. If intangible property is involved, a significant portion of the business's intangible property is required to be used in the activities of the business. The government has identified a list of businesses ("sin businesses") that cannot participate in this program. Opportunity Zone Map Opportunity Zone Data Overview Tarpon Springs Zone Fact Sheet Resources Pinellas County Economic Development Florida Department of Economic Opportunity, Opportunity Zones Program US Department of Treasury Opportunity Zone Resources CRE Models Interactive Opportunity Zone Map – Tampa Bay Economic Innovation Group Resource Page for Opportunity Zones Council of Development Finance Agencies Resource Center for Opportunity Zones If you are interested in investing in an Opportunity Zone within the City of Tarpon Springs and would like to learn more about development opportunities, please contact Klemmons@ctsfl.us or call 727-943- 4932.
Visit Greece Without Leaving Florida